Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company achieved a revenue of 1.114 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 12.3%, with a net profit attributable to the parent company of 91.06 million yuan, up 5.7% year-on-year [1] - The report highlights the potential growth in demand for modified plastics driven by the automotive and home appliance sectors, particularly due to the increasing production of new energy vehicles and the implementation of old-for-new policies in consumer electronics [2][3] - The company is expected to benefit from the growing demand for lightweight and environmentally friendly materials in the automotive industry, as well as a rebound in home appliance sales [2][3] Summary by Sections Automotive Sector - The new energy vehicle sector is driving business growth, with production and sales of new energy vehicles reaching 8.316 million and 8.32 million units respectively from January to September 2024, marking year-on-year growth of 31.7% and 32.5% [2] - The average vehicle requires approximately 150 kg of modified plastics, indicating a sustained increase in demand as new energy vehicle sales continue to rise [2] - The company collaborates with major automotive brands, including Geely and SAIC, and is expanding its overseas orders, particularly in Malaysia [2] Home Appliance Sector - The demand for modified plastics in home appliances is expected to rise due to the advantages of these materials in terms of flame retardancy, strength, and environmental friendliness [3] - The implementation of old-for-new policies since March 2024 has led to a recovery in home appliance sales, with production figures for major appliances showing year-on-year increases [3] - The report anticipates that the recovery in home appliance production will positively impact the demand for modified plastics [3] Financial Forecasts - The company’s revenue is projected to grow from 1.632 billion yuan in 2024 to 2.043 billion yuan in 2026, with corresponding net profits expected to rise from 127 million yuan to 193 million yuan over the same period [4] - The report provides a detailed financial outlook, including expected P/E ratios of 15.4, 12.5, and 10.1 for the years 2024, 2025, and 2026 respectively [4]
禾昌聚合：北交所信息更新：“汽车+家电”双轮驱动改性塑料需求，2024Q1-Q3营收+12.30%